Asian markets are under pressure amid trade tensions.
The market is mildly lower amid consolidation in morning as traders remained cautious ahead of Q1 earnings which will begin next week.
The Nifty is hovering around 10,700 levels while the Nifty Midcap index fell nearly half a percent.
ITC, TCS, Infosys and L&T are among top contributors to the Nifty's fall while the buying in HDFC and Reliance Industries capped those losses.
The Sensex fell 50.67 points to 35,327.93 and the Nifty slipped 18 points to 10,681.90.
Indian equity benchmark Nifty-50 ended the trading session with a subtle gain of around half a percent at 10,699.90 on Tuesday due to global cues. However, the market remained range-bound throughout the day as traders remained cautious ahead of Q1 earnings.
The Nifty-50 index continues to oscillate back and forth in a broader range indicating range bound going on currently. The upper end of the range is placed at around 10,850 levels and the lower end of the range is placed at 10,550.
The next trending move will be seen on a breakout from this range. If it manages to breach 10,850 levels on the upper side on a closing basis, then it can resume the uptrend, taking it to higher levels of 10,930 and 11,014.
However, a trade below 10,550 can trigger a correction to levels around 10,440 and then 10,360. The RSI is also oscillating between the range of 37 and 62, which indicates that the bias could remain sideways in short term.
Shares of GE Power India gained 2 percent intraday Wednesday as company received an order worth Rs 468 crore from BHEL.
The company has been awarded twin boiler equipment orders by BHEL (Bharat Heavy Electricals) for supercritical thermal power projects in Patratu and Udangudi worth approximately Rs 467.9 crore exclusive of taxes.
The company will supply pressure parts equipment for the Patratu project at an order value of approximately Rs 341.5 crore and to Udangudi thermal power projects at a value of approximately Rs 126.4 crore.
BHEL is executing EPC contract for a phase-I expansion of Patratu Vidyut Utpadan Nigam (PVUNL) 2.400-MW (800 MW X3) supercritical thermal power station at Patratu and for the first stage of a proposed 1,320-MW supercritical thermal power plant at Udangudi by Tamil Nadu Generation and Distribution Corporation (TANGEDCO).
Benchmark indices as well as broader markets are flat in opening trade as investors await June quarter earnings season that will begin next week.
The Sensex rose 38.76 points to 35,417.36 and the Nifty gained 6.80 points at 10,706.70.
Tata Motors, Maruti Suzuki, Tata Steel, Titan Company, Cipla, Lupin, Bajaj Auto, Bajaj Finance, Bajaj Finserv, Power Grid and Reliance Industries are early gainers.
Vedanta, Hindalco Industries, Infosys, HCL Tech and TCS are under pressure.
Nifty Midcap index fell 32 points and Nifty Bank declined 14 points.
Shriram Transport shares plunged 11 percent as the group company provides guarantee against non-convertible debentures.
8K Miles Software, Taj GVK, GVK Power, Graphite India, Kiri Industries and Reliance Communications gained up to 13 percent.
Fortis, Vakrangee, VST Tillers, Tata Coffee and Federal Bank are under pressure.
The Indian rupee opened higher by 6 paise at 68.52 per dollar on Wednesday versus previous close 68.58.
The USD-INR pair seems to be losing steam for further up move as the dollar lost some of its gains against its major crosses. Volatility in global crude oil prices continue to remain high as supply constraints from Libya and Canada kept prices supported on lower levels, said Motilal Oswal.
Yesterday, crude rose to the highest level since November,2014 after API inventory showed drawdown of 4.5mbpd. On the domestic front, no major economic data is expected to be released and the rupee could determine its trend from the move in the dollar. Today, USD-INR pair is expected to
quote in the range of 68.50 and 69.05, it added.
Benchmark indices are mixed in pre-opening trade despite weakness in Asian peers amid global trade tensions.
The 30-share BSE Sensex fell 73.63 points to 35,304.97 and the 50-share NSE Nifty gained 42.50 points at 10,742.40.
The Nifty50 is likely to open flat with a negative bias on Wednesday tracking muted trend seen in other Asian markets. The index closed 42 points higher at 10,699 on Tuesday.
Wall Street dipped on Tuesday, weighed down by Apple, Facebook and other technology stocks, in a trading session ending early ahead of the US July 4 holiday, said a Reuters report.
The Dow Jones Industrial Average declined 0.54 percent to end at 24,174.82 points, while the S&P 500 lost 0.49 percent to 2,713.22. The Nasdaq Composite dropped 0.86 percent to 7,502.67.
Asian stocks are on shaky ground on Wednesday while the Chinese yuan stood near 11-month lows. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent in early trade, a day after it hit a nine-month low. Japan's Nikkei lost 0.5 percent.
Oil prices edged up on Wednesday, lifted by a report of declining US fuel inventories amid the ongoing crude supply outage at Syncrude Canada in Alberta, which usually supplies the United States.
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